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  • Wednesday, 19 April 2023

Minister of International Cooperation H.E. Dr. Rania A. Al-Mashat Participates in Human Capital Ministerial Conclave at the World Bank & IMF Spring Meetings

● The new Country Partnership Framework with the World Bank includes two main pillars to increase investment in human capital and enhance climate resilience.

● The importance for the international community to unite to enhance the resilience of societies in the face of climate change through human capital development solutions and innovative mechanisms.

● The Managing Director of the World Bank referred to Egypt's role in strengthening mitigation and adaptation efforts and giving priority to investment in human capital.

The  Minister of International Cooperation and Governor of Egypt at the World Bank Group (WBG) H.E. Dr. Rania A. Al-Mashat participated in the 2023 Human Capital Project (HCP) Ministerial Conclave, within the activities of the World Bank and International Monetary Fund (IMF) Spring Meetings, which was held under the title "Investing in Human Capital to Accelerate Green Transition".

The session  included Axel Van Trotsenburg, Senior Managing Director of the World Bank responsible for development policies and partnerships, where he discussed the role of countries in ensuring resilience of citizens to face climate change and mitigate its effects, building resilience and adaptive capacity through awareness, and expanding the scope of social protection programmes. During the meeting, the participating ministers discussed practices and experiences in various sectors in order to share experiences and knowledge.

The senior managing director of the World Bank referred to Egypt’s country platform for the NWFE program, the Egyptian experience in promoting mitigation efforts and adaptation to climate change, and prioritizing investment in human capital and climate action.

In her remarks, Al-Mashat said that climate change has become one of the most critical challenges facing development and humanity at the present time, so it is necessary to strengthen international efforts in confronting it, to keep global temperatures from rising, and to enhance the resilience of citizens in withstanding these changes.

H.E. pointed to the launch of the NWFE program under the umbrella of the National Climate Change Strategy 2050, which promotes investment in human capital by advancing green transformation in the water, food and energy sectors by implementing 26 projects to achieve sustainable economic growth, increase the percentage of renewable energy, support small farmers and agricultural lands impacted by climate change, improve mitigation and adaptation practices, and promote sustainable management of water resources.

Al-Mashat stated that Egypt is working through many pillars to make Egypt a regional center for renewable energy, such as by utilizing natural resources to promote solar and wind energy, within the framework of its 2030 national development vision. This also includes the integration of the environmental dimension in all projects being implemented to achieve development and climate action side by side, explaining that Egypt launched a sustainable energy strategy in 2015 and implemented structural reforms that stimulated investment in this vital sector. 

Al-Mashat spoke about the partnership with the World Bank in implementing programs and projects that promote the green transformation, including the Benban solar energy project, one of the largest projects of this kind in the world, along with many wind energy farms, and the expansion of environmentally friendly transportation projects, as Egypt recently adopted the NCCS 2050

H.E. also discussed  the Country Climate Development Report (CCDR) in cooperation with the World Bank, which identifies the challenges facing development and climate action in Egypt and the required measures, in addition to the new Country Partnership Framework (CPF), which was recently approved for 2023-2027. This includes two main pillars including: investing in human capital, enhancing resilience and stimulating job opportunities through the participation of the private sector, as well as other projects implemented in the field of technical support for various national agencies to stimulate the green economy and the ability to adapt to climate change.

It is worth noting that the Human Capital Project helps countries address obstacles that prevent the development of individuals, through cooperation within the government fully. There are 78 countries participating in this project, within a network of committed governments that have expressed interest in investing in human capital.